|By Business Wire||
|October 1, 2013 09:11 AM EDT||
Citi today announced the launch of e for Education, a three-month initiative to raise funds for education-related nonprofits around the world. Beginning today and through December 31, Citi will donate funds to several charities based on a percentage of institutional client FX transaction volumes executed through its electronic trading platform, Velocity.
Citi Velocity is an award-winning proprietary FX electronic trading platform for institutional clients. It provides real-time pricing with one-click trading for multiple foreign exchange products, including spot, forwards, swaps and options. Citi Velocity is used by a large number of Citi’s institutional clients globally not only for trading but also as their source for research, economics, FX market color and post-trade activity.
“We believe e for Education is the first and certainly the largest effort by a firm seeking to translate its electronic FX trading activity into philanthropic dollars,” said Jeff Feig, Citi’s Global Head of G-10 FX. “Citi believes that access to quality education is the key to unlocking a lifetime of opportunity and we are excited to launch an initiative that will benefit youth around the world.”
Six organizations, spanning a range of geographies and core focus areas, were selected to benefit from the e for Education initiative. Funds will be donated to each organization based on the geographic location of individual Citi Velocity clients, although users can also override the default and earmark their corresponding donation to any e for Education organization of their choosing. The e for Education beneficiaries include:
- Civic Builders (North America) Civic Builders partners with the nation’s best educators to build state-of-the-art, low-cost charter schools for children and families in underserved neighborhoods.
- EMpower (Eastern Europe, Asia Pacific, Latin America, and Africa) supports local organizations in emerging markets countries that provide at-risk youth with the tools and resources they need to lead healthy, productive lives.
- No Greater Sacrifice (North America) is dedicated to the children of fallen and wounded U.S. military service members by delivering scholarships and resources to improve their quality of life through the pursuit of higher education.
- Room to Read (Asia/Africa) seeks to transform the lives of millions of children in the developing world by focusing on literacy and gender equality in education.
- Teach First (United Kingdom) works towards a day when no child’s educational success is limited by their socio-economic background.
- Uncommon Schools (North America) starts and manages outstanding urban public charter schools that close the achievement gap and prepare low-income students to graduate from college.
Citi, one of the largest FX providers in the world, is not setting specific fundraising goals, but has also not imposed a cap on the maximum amount that may be donated. Total donations will be driven purely by client FX transaction volumes.
“Citi has a long history of supporting educational ambitions, whether it’s through our businesses or through the work of the Citi Foundation,” said Bapi Maitra, Citi’s Global Head of Institutional e-Commerce Sales. “The e for Education initiative builds on Citi’s track record of connecting students around the world to educational opportunities and support services that empower them to improve their lives.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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